Background of South Korea

The economy of South Korea is the fourth largest economy in Asia and the 11th largest in the world. It is a mixed economy.Dominated by family-owned conglomerates called chaebols, however, the dominance of chaebol is unlikely and at risk to support the transformation of Korean economy for the future generations. South Korea is famous for its spectacular rise from one of the poorest countries in the world to a developed, high income country in just one generation.

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